Govt At The Centre ‘Incompetent’ In Terms Of Economic Management: P Chidambaram

New Delhi: Former Union Minister and Senior Congress leader P Chidambaram, on Sunday, has labeled the ruling Narendra Modi government as ‘incompetent’ in with respect to economic management.

Lashing out at the government’s economic measures and policies like ‘demonetization and Goods and Service Tax implemented in the past four years and two months of existence, he said: “we are now worried what will happen in the next eight months.”

The elections for Lok Sabha are slated to be held next year.

Mr. Chidambaram has aired these views by taking an opportunity at a seminar titled ‘Challenges Facing India’. The seminar was also attended by Left bigwigs like Sitaram Yechury and D Raja. The former Finance Minister also alleged that there has been a steep decrease in the country’s growth rate over the years due to lesser investment and lower lending by banks.

He further said that counties with bigger GDPs, like U.S. and China, were doing well as against the trend in India which is suffering from slow growth and major issues like unemployment etc., for reasons like notes ban.

He, said, that the steps taken by the government like the note ban, for instance, had impacted severely all the Micro Small Medium Enterprises sector.  He also cited the recent reports regarding 50,000 such units shut down in Tamil Nadu after the note ban move under which high-value denomination notes of Rs. 1,000 and Rs. 500 were banned.

Same was the result of the not ban move in many Indian cities, he claimed.

Moreover, the Indian Rupee is reporting a weaker side against the US Dollar, he added and said that if this trend continues, it would at last lead to increase in import costs, price hike and an increase in interest rate etc,

Now the banks are hesitant to give loans to the needy due to the fact that the Non-Performing Assets (NPAs) stood at around Rs. 10 lakh crore.

“In terms of economic management, this (BJP-led NDA) is an incompetent government,” he charged.

If the present economic condition continues, “the government will lose its self-confidence and start going haywire,” the former Union Minister added.

According to the former minister, the solution for the country’s economic problems, he said, lies in the hands of the people and they should remove the BJP government from power in the coming general elections next year.

“All that is required is the next government should not go haywire” on the economy, he said.

As per the earlier record set by Congress-led UPA government, it ushered good growth, even touching the eight percent mark, he said.

“Mistakes did happen (during UPA) but it did good things to people as regards economic management,” he said.

The General Secretary of CPI(M) Mr. Yechury said that the concept of Indian nationhood was now being “challenged.”

“There is not a single concept of Indian nationhood that is not assaulted…targeting Muslims and Dalits, killings in the name of cow protection– all are happening with state patronage,” he charged.

While speaking at the seminar, Raja, the National Secretary of CPI said, “RSS has come to the political center stage.”

“RSS’ agenda is to shatter the Constitution.. what will happen to the poor people if the Constitution is changed?” he asked.

People should take steps to remove the “anti-people” Modi government to “save the country” in the coming next general elections, he said.

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